Jacob Chavez is a serial entrepreneur who has found his way to becoming the king of CBD. Since 2008, Chavez has been growing, harvesting, breeding, producing, extracting, and improving hemp and its many beneficial uses. Today, Chavez has partnered up with Jake Paul to launch Jacob’s Private Select, a CBD company that is known for their CBD chews which act as a sleep aid.
While Chavez may have over 20 businesses in his name, it’s important to note that none of his success was handed to him. He began his entrepreneurial trajectory right out of high school, working as an electrician and doing construction. It was then that Chavez became called to create, first venturing into the world of real estate development, and then expanding into various other industries that attracted his interest. Chavez’s curiosity led to him eagerly learning as much as possible about everything he could in the industry – an extremely valuable characteristic for entrepreneurs that has proven successful to his many businesses over the years.
The prized CBD chews from Jacob’s Private Select showcase over a decade’s worth of learning, failing, improving, and resilience packaged together to deliver a product of unmatched quality. This success is something Chavez credits to honesty, hard work, and due diligence.
How did you get started as an entrepreneur?
Learning everything I could about everything that goes into a business or industry is what got me started as an entrepreneur. I’ve always been curious about what goes on in businesses. If I’m working the register, I’d also want to know everything I could about all the other parts and become the boss at every job I had.
How do you generate revenue as an entrepreneur?
I always try to find ways to maximize profits, so understanding everything possible about your industry is critical to generating revenue. It’s also important to know that most businesses don’t make money until 2-3 years, so finding ways to improve and better your business until that point is necessary for success.
How long did it take you to start making money as an entrepreneur?
None of my startups made a dime until after 2-3 years. You’re lucky if you make even a dollar in that time. It’s important to not let that scare you into quitting and never stop learning and improving.
When you were starting out, was there ever a time you doubted it would work? If so, how did you handle that?
I hit a point where I thought this isn’t going to work with probably over 80% of all the businesses I started. I thought, what am I doing? I’m in over my head and in the red. As an entrepreneur, doubt always finds a way to creep in. As a human, you can’t deny it. That’s why in order to handle it, you need to accept it. Learn from your mistakes, re-strategize as necessary, and strive for continuous improvement. Just don’t stop moving forward.
How did you get your first customer?
I got my first customers by giving away my products for free. However, I’ll never forget one of my customers who gave my CBD chews to her dog who was expected to die after eating a bunch of rocks. The dog woke up fine the next morning and the owners wrote me an incredible review. They’re still my customers to this day.
What is one marketing strategy (other than referrals) that you are using that works well to generate new business?
Emails and eCommerce. Emails make up 40% of my entire business.
What is the toughest decision you have had to make in the last few months?
My businesses are becoming more corporate and because of that, some of my people had to be let go due to costs and efficiency issues. These people were my friends which made it very difficult because I’m the type of person who would cut his own salary to help them out. The corporate world, however, isn’t like that at all.
What do you think it is that makes you successful?
I’m willing to do more than anyone who works for me. I’m always the first one in and last one to leave. I’m not afraid of hard work.
What has been your most satisfying moment in business?
Seeing people react and benefit from my products. Knowing that all the hard work that went into it has finally paid off and is bettering people’s lives.
What does the future hold for your business? What are you most excited about?
I’ve spent most of my life worried about leaving something for my family, so I have worked tirelessly. Now, I’ve learned to put the right people in place so I can relax, spend time with the family and enjoy the fruits of labor. I’m mostly looking forward to that and finally doing things for myself.
What advice would you give to your younger self?
You’re going way too hard and fast. Slow it down and take your time evaluating each decision before committing to them.
Are you willing to be a mentor? If so, how should someone contact you?
If I’m available, I’m always down to help anyone who needs it. You can reach me on Instagram at @Jacobsprivateselect